Exhibit 99.3
ADTALEM GLOBAL EDUCATION INC.
SCHEDULE OF NON-GAAP SEGMENT OPERATING INCOME
(unaudited and amounts in thousands)
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| Three Months Ended |
| Year Ended | ||||||||||||||
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| September 30, |
| December 31, |
| March 31, |
| June 30, |
| June 30, |
| June 30, | ||||||
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| 2018 |
| 2018 |
| 2019 |
| 2019 |
| 2019 |
| 2018 | ||||||
Medical and Healthcare: |
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Operating Income |
| $ | 1,656 |
| $ | 60,647 |
| $ | 53,093 |
| $ | 39,726 |
| $ | 155,122 |
| $ | 189,672 |
Restructure Expense (Gain) |
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| 39,015 |
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| 2,445 |
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| (133) |
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| 339 |
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| 41,666 |
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| 803 |
Settlement Gains |
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| — |
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| (15,571) |
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| — |
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| — |
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| (15,571) |
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| — |
Operating Income Excluding Special Items |
| $ | 40,671 |
| $ | 47,521 |
| $ | 52,960 |
| $ | 40,065 |
| $ | 181,217 |
| $ | 190,475 |
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Financial Services: |
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Operating Income |
| $ | 4,750 |
| $ | 9,633 |
| $ | 5,086 |
| $ | 14,694 |
| $ | 34,163 |
| $ | 27,695 |
Restructure Expense |
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| — |
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| — |
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| — |
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| 1,304 |
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| 1,304 |
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| 357 |
Operating Income Excluding Special Items |
| $ | 4,750 |
| $ | 9,633 |
| $ | 5,086 |
| $ | 15,998 |
| $ | 35,467 |
| $ | 28,052 |
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Home Office and Other: |
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Previously Reported Operating Income (Loss) |
| $ | (6,169) |
| $ | (8,452) |
| $ | (9,312) |
| $ | 3,176 |
| $ | (20,757) |
| $ | (39,322) |
Stranded Costs Allocated to Continuing Operations |
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| (3,469) |
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| (3,159) |
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| (3,288) |
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| (2,782) |
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| (12,698) |
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| (10,883) |
Adjusted Reported Operating Income (Loss) |
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| (9,638) |
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| (11,611) |
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| (12,600) |
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| 394 |
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| (33,455) |
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| (50,205) |
Restructure Expense |
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| 458 |
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| 1,090 |
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| 2,319 |
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| 6,230 |
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| 10,097 |
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| 2,691 |
Settlement Gains |
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| — |
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| — |
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| — |
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| (10,607) |
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| (10,607) |
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| — |
Operating Loss Excluding Special Items |
| $ | (9,180) |
| $ | (10,521) |
| $ | (10,281) |
| $ | (3,983) |
| $ | (33,965) |
| $ | (47,514) |
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Adtalem Global Education: |
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Previously Reported Operating Income (Loss) |
| $ | (2,508) |
| $ | 70,299 |
| $ | 46,306 |
| $ | 71,892 |
| $ | 185,989 |
| $ | 207,476 |
Adtalem Brazil Operating (Income) Loss Charged to Discontinued Operations |
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| 2,745 |
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| (8,471) |
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| 2,561 |
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| (14,296) |
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| (17,461) |
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| (29,431) |
Stranded Costs Allocated to Continuing Operations |
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| (3,469) |
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| (3,159) |
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| (3,288) |
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| (2,782) |
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| (12,698) |
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| (10,883) |
Adjusted Reported Operating Income (Loss) |
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| (3,232) |
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| 58,669 |
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| 45,579 |
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| 54,814 |
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| 155,830 |
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| 167,162 |
Restructure Expense |
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| 39,473 |
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| 3,535 |
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| 2,186 |
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| 7,873 |
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| 53,067 |
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| 3,851 |
Settlement Gains |
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| — |
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| (15,571) |
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| — |
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| (10,607) |
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| (26,178) |
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| — |
Operating Income Excluding Special Items |
| $ | 36,241 |
| $ | 46,633 |
| $ | 47,765 |
| $ | 52,080 |
| $ | 182,719 |
| $ | 171,013 |